Vegan Seafood Startup Raises $ 18 Million to Disrupt the Global Shrimp Industry
The San Francisco-based vegan seafood startup launched this week New wave foods announced it has raised $ 18 million in a Series A funding round to expedite its mission to disrupt the global fishing industry. The funding round was led by investment firm New Enterprise Associates (NEA) and included Evolution VC Partners as well as other new and existing investors such as Tyson Ventures (the venture capital arm of meat giant Tyson Foods). “Plant-based protein has been a major consumer trend for decades, with an explosive demand for healthy, sustainable products, and New Wave Foods is delivering a plant-based seafood alternative that is delicious, responsible, and humane,” said NEA General Partner Liza Landsman, who will join the board of directors of New Wave Foods, said. “It’s a no-compromise, category-defining approach to a rapidly growing market and we are excited to be working with the New Wave Foods team on a remarkable journey.”
Bringing vegan seafood to market
Shrimp is the most widely consumed seafood in the United States at £ 1.5 billion a year. Founded in 2015, New Wave Foods spent two years developing its plant-based shrimp, which is made from plant-based proteins and sustainable seaweed and contains all eight essential amino acids found in meat and seafood. Initially, the company plans to sell its vegan shrimp through food service providers. “We’re launching a versatile plant-based shrimp that can be used in a variety of shrimp dishes,” said Michelle Wolf, co-founder and CTO of New Wave Foods. “We have developed a product that is delicious and easy to prepare. These are key factors for food service operators.
New Wave Foods will use the new capital to expand its marketing efforts, expand its team, and scale production of its plant-based seafood products, particularly vegan shrimp, to disrupt the $ 9 billion global shrimp industry. “Our focus is on offering our customers new, innovative plant-based shellfish, starting with the introduction of our plant-based shrimp. Together with a delicious tasting product, we want to address the environmental problems associated with shrimp farming and overfishing, ”said Mary McGovern, CEO of New Wave Foods. “We look forward to an exciting next chapter of growth for the company and are honored to have an outstanding group of investors who share and support our vision.”
After the introduction of the vegan shrimp, New Wave Foods will also be launching plant-based lobsters, scallops and crabs.